Global youth media company, Vice, is getting into feature films by setting up Vice Films as a joint venture with 20th Century Fox.
The joint venture will develop, produce, finance, market, acquire and distribute films from emerging directors around the world, aiming to make at least two movies a year, at a budget of about $2m.
As part of this joint venture, Vice will also have a first-look production deal with 20th Century Fox, giving Vice the opportunity to develop larger budgeted films as well.
As part of the deal Fox will also have an opportunity to develop material based on Vice’s library of content for potential feature films.
Eddy Moretti, Chief creative officer, Vice said: “Vice Films is the beginning of an exciting new chapter for Vice. The success of Vice film content to date showed us that we can play a vital role supporting exciting, bold and visionary film-making. At the heart of this partnership is our love of cinema. Vice is committed to the enduring artistic and cultural relevance of the two-hour narrative.”
Jim Gianopulos, 20th Century Fox chairman and chief executive, said: “Vice is a bold, groundbreaking new media company that allows us to reach an audience that is focused online and consumes its news and entertainment across many media platforms. Vice not only knows how to reach that audience but markets to them better than anyone else out there.”
This article first appeared on Media Week.